June job report 'could have been worse': economist (by Greg Robb)

WASHINGTON (MarketWatch) - The June unemployment report was negative but definitely could have been worse, said David Wyss, chief economist at Standard & Poors. Wyss noted that roughly half of the 62,000 job decline in June came from the temporary worker sector, which he said most likely reflected college students looking for summer jobs. Wyss said he is convinced the U.S. economy is in recession and the Federal Reserve will remain on the sidelines until it is clear that the recession has ended. That is not likely to happen until next spring, Wyss said.